Crude oil prices have stabilized in recent weeks as traders gear up for a meeting of OPEC and its allies.

There are signs that OPEC and its partner oil producing countries will once again put off restoring some output.

But at the same time, a cease-fire agreement between Israel and Hezbollah has eased geopolitical risk.

OPEC and its allies meet this weekend and according to delegates, talks have already begun to delay a production restart that was planned for January, on signs of a glut of oil.

Crude has been caught in a tight range since the beginning of last month. But a number of catalysts may drive the market’s next move — including the policies of a second Trump presidency and geopolitical risks linked to Russian and Iranian supplies next year